NYSEAMERICAN : BTG
B2Gold Corp. — Financial statements
Materials · Gold · Canada
Last price 4.705 USD (Oct 30, 2026, 9:43 AM EDT) · Market cap 6.19B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
B2Gold Corp. (BTG) reported revenue of 3.78B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 3.78B | 3.06B | 1.90B | 1.93B | 1.73B | 1.76B |
| Cost of Revenue | 1.39B | 1.09B | 828.43M | 751.90M | 744.49M | 614.82M |
| Gross Profit | 2.39B | 1.97B | 1.07B | 1.18B | 988.10M | 1.15B |
| Selling, General & Admin | 88.31M | 79.60M | 62.39M | 67.57M | 57.22M | 53.26M |
| Other Operating Expenses | 177.11M | 278.69M | 35.92M | 8.71M | -13.31M | -18.09M |
| Operating Expenses | 831.79M | 839.39M | 1.32B | 728.94M | 464.96M | 437.68M |
| Operating Income | 1.56B | 1.13B | -243.99M | 453.43M | 523.13M | 709.76M |
| Interest Expense | -60.91M | -37.70M | -34.85M | -13.93M | -10.84M | -11.80M |
| Interest & Investment Income | 13.06M | 12.45M | 20.73M | 18.52M | 11.96M | 2.98M |
| Earnings From Equity Investments | 4.55M | -755.00K | 2.63M | 19.87M | 10.18M | 17.54M |
| Currency Exchange Gain (Loss) | -48.82M | -9.74M | -23.69M | -16.02M | -10.05M | -5.89M |
| Other Non Operating Income (Expenses) | -46.40M | -113.41M | -34.96M | -12.30M | 8.13M | -3.93M |
| EBT Excluding Unusual Items | 1.42B | 983.06M | -314.12M | 449.57M | 532.51M | 708.67M |
| Merger & Restructuring Charges | -12.15M | |||||
| Gain (Loss) on Sale of Investments | 30.13M | 7.84M | -117.94M | |||
| Gain (Loss) on Sale of Assets | 286.12M | -6.26M | 54.92M | -2.80M | 23.46M | |
| Asset Writedown | -49.71M | -57.85M | 852.00K | 909.00K | -5.91M | |
| Pretax Income | 1.69B | 976.80M | -309.22M | 320.33M | 530.62M | 726.23M |
| Income Tax Expense | 858.20M | 550.10M | 317.43M | 278.75M | 243.89M | 265.40M |
| Earnings From Continuing Operations | 828.55M | 426.70M | -626.65M | 41.59M | 286.72M | 460.82M |
| Net Income to Company | 828.55M | 426.70M | -626.65M | 41.59M | 286.72M | 460.82M |
| Minority Interest in Earnings | -21.38M | -24.79M | -3.24M | -31.49M | -33.85M | -40.76M |
| Net Income | 807.17M | 401.91M | -629.89M | 10.10M | 252.87M | 420.06M |
| Net Income to Common | 807.17M | 401.91M | -629.89M | 10.10M | 252.87M | 420.06M |
| Shares Outstanding (Basic) | 1.33B | 1.33B | 1.31B | 1.23B | 1.06B | 1.05B |
| Shares Outstanding (Diluted) | 1.49B | 1.48B | 1.31B | 1.24B | 1.07B | 1.06B |
| EPS (Basic) | 0.61 | 0.30 | -0.48 | 0.01 | 0.24 | 0.40 |
| EPS (Diluted) | 0.56 | 0.28 | -0.48 | 0.01 | 0.24 | 0.40 |
| Free Cash Flow | 169.24M | 64.93M | -23.66M | -110.41M | 213.62M | 445.68M |
| Free Cash Flow Per Share | 0.11 | 0.04 | -0.02 | -0.09 | 0.20 | 0.42 |
| Dividend Per Share | 0.08 | 0.08 | 0.16 | 0.16 | 0.16 | 0.16 |
| Gross Margin | 63.16% | 64.41% | 56.45% | 61.13% | 57.03% | 65.11% |
| Operating Margin | 41.18% | 36.99% | -12.83% | 23.44% | 30.19% | 40.27% |
| Profit Margin | 21.33% | 13.13% | -33.12% | 0.52% | 14.59% | 23.84% |
| Free Cash Flow Margin | 4.47% | 2.12% | -1.24% | -5.71% | 12.33% | 25.29% |
| EBITDA | 2.08B | 1.56B | 935.58M | 869.71M | 916.92M | 1.09B |
| EBITDA Margin | 54.84% | 50.93% | 49.19% | 44.96% | 52.92% | 61.69% |
| D&A For EBITDA | 517.01M | 426.95M | 1.18B | 416.28M | 393.79M | 377.38M |
| EBIT | 1.56B | 1.13B | -243.99M | 453.43M | 523.13M | 709.76M |
| EBIT Margin | 41.18% | 36.99% | -12.83% | 23.44% | 30.19% | 40.27% |
| Effective Tax Rate | 50.88% | 56.32% | 87.02% | 45.96% | 36.55% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 286.58M | 380.42M | 336.97M | 306.89M | 651.95M | 673.00M |
| Short-Term Investments | 3.46M | 4.87M | 11.56M | |||
| Cash & Short-Term Investments | 290.03M | 385.29M | 348.54M | 306.89M | 651.95M | 673.00M |
| Other Receivables | 56.13M | 80.33M | 54.54M | 37.69M | 29.32M | 63.80M |
| Receivables | 56.13M | 80.33M | 54.54M | 37.69M | 29.32M | 63.80M |
| Inventory | 696.87M | 627.23M | 477.59M | 346.50M | 332.03M | 272.35M |
| Prepaid Expenses | 24.43M | 26.73M | 9.16M | 8.64M | 4.06M | 4.15M |
| Other Current Assets | 34.53M | 10.10M | 11.97M | 11.01M | 17.81M | 32.81M |
| Total Current Assets | 1.10B | 1.13B | 901.79M | 710.73M | 1.04B | 1.05B |
| Property, Plant & Equipment | 3.78B | 3.76B | 3.29B | 3.56B | 2.27B | 2.23B |
| Long-Term Investments | 327.95M | 384.25M | 168.13M | 220.10M | 151.91M | 136.35M |
| Long-Term Deferred Tax Assets | 24.18M | 76.44M | 16.93M | 1.46M | ||
| Long-Term Deferred Charges | 5.17M | 6.71M | 8.96M | |||
| Other Long-Term Assets | 514.19M | 528.62M | 452.64M | 357.61M | 207.61M | 136.58M |
| Total Assets | 5.75B | 5.88B | 4.81B | 4.87B | 3.68B | 3.56B |
| Accounts Payable | 189.45M | 174.80M | 156.35M | 167.12M | 114.79M | 111.72M |
| Current Portion of Long-Term Debt | 13.05M | 13.80M | 16.42M | 16.26M | 15.52M | 25.41M |
| Current Portion of Leases | 19.56M | 20.07M | ||||
| Current Income Taxes Payable | 316.13M | 267.07M | 103.56M | 120.68M | 95.62M | 92.28M |
| Current Unearned Revenue | 285.46M | 272.78M | ||||
| Other Current Liabilities | 158.68M | 300.05M | 31.58M | 9.42M | 7.68M | 1.79M |
| Total Current Liabilities | 696.87M | 1.06B | 580.69M | 313.47M | 233.62M | 231.19M |
| Long-Term Debt | 393.64M | 532.30M | 421.46M | 147.03M | 41.71M | 20.86M |
| Long-Term Leases | 29.83M | 32.14M | 28.84M | 28.86M | ||
| Long-Term Unearned Revenue | 265.33M | |||||
| Pension & Post-Retirement Benefits | 25.11M | 25.10M | 18.41M | 19.17M | 8.12M | 7.12M |
| Long-Term Deferred Tax Liabilities | 198.21M | 151.34M | 169.74M | 188.11M | 182.51M | 187.89M |
| Other Long-Term Liabilities | 400.98M | 435.66M | 322.67M | 268.03M | 103.48M | 124.37M |
| Total Liabilities | 1.74B | 2.24B | 1.78B | 964.64M | 569.44M | 600.29M |
| Common Stock | 3.58B | 3.61B | 3.51B | 3.45B | 2.49B | 2.42B |
| Additional Paid-In Capital | 140.22M | 151.22M | 91.18M | 84.97M | 78.23M | 67.03M |
| Retained Earnings | 265.25M | -220.61M | -515.62M | 395.85M | 588.14M | 507.38M |
| Comprehensive Income & Other | -12.06M | 55.95M | -102.77M | -125.26M | -145.87M | -136.30M |
| Total Common Equity | 3.97B | 3.59B | 2.98B | 3.81B | 3.01B | 2.86B |
| Minority Interest | 32.72M | 47.95M | 52.63M | 99.60M | 103.66M | 100.71M |
| Shareholders' Equity | 4.00B | 3.64B | 3.04B | 3.91B | 3.11B | 2.96B |
| Total Liabilities & Equity | 5.75B | 5.88B | 4.81B | 4.87B | 3.68B | 3.56B |
| Total Debt | 456.09M | 598.31M | 437.88M | 192.12M | 57.23M | 75.13M |
| Net Cash (Debt) | -166.05M | -213.02M | -89.35M | 114.77M | 594.72M | 597.87M |
| Net Cash Per Share | -0.11 | -0.14 | -0.07 | 0.09 | 0.56 | 0.56 |
| Filing Date Shares Outstanding | 1.32B | 1.34B | 1.32B | 1.30B | 1.08B | 1.06B |
| Total Common Shares Outstanding | 1.32B | 1.34B | 1.32B | 1.30B | 1.07B | 1.06B |
| Working Capital | 405.12M | 68.42M | 321.10M | 397.26M | 801.55M | 814.93M |
| Book Value Per Share | 3.01 | 2.68 | 2.26 | 2.93 | 2.80 | 2.71 |
| Tangible Book Value | 3.97B | 3.59B | 2.98B | 3.81B | 3.01B | 2.86B |
| Tangible Book Value Per Share | 3.01 | 2.68 | 2.26 | 2.93 | 2.80 | 2.71 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 807.17M | 401.91M | -629.89M | 10.10M | 252.87M | 420.06M |
| Depreciation & Amortization | 536.01M | 445.95M | 1.19B | 422.28M | 398.79M | 381.38M |
| Loss (Gain) From Sale of Assets | -286.12M | 6.26M | -54.92M | 2.80M | -22.46M | |
| Asset Writedown & Restructuring Costs | 49.71M | 57.85M | 334.30M | -909.00K | 5.91M | |
| Loss (Gain) From Sale of Investments | -30.13M | -7.84M | 943.00K | |||
| Loss (Gain) on Equity Investments | -5.30M | -19.87M | -10.18M | -17.54M | ||
| Stock-Based Compensation | 22.72M | 22.93M | 24.34M | 18.17M | 24.68M | 22.57M |
| Other Operating Activities | -218.24M | 63.41M | 584.27M | 75.95M | 43.82M | 40.12M |
| Change in Accounts Receivable | -30.83M | -12.68M | -215.00K | 147.00K | -3.92M | 568.00K |
| Change in Inventory | -54.07M | -83.63M | -130.34M | -24.33M | -50.27M | -24.04M |
| Change in Accounts Payable | 51.68M | 69.04M | -1.24M | -21.38M | 1.19M | 12.08M |
| Change in Income Taxes | 242.52M | 219.53M | -21.18M | 49.66M | 994.00K | -44.40M |
| Change in Other Net Operating Assets | -162.43M | -236.88M | -129.81M | -131.51M | -64.07M | -50.13M |
| Operating Cash Flow | 922.69M | 895.84M | 877.60M | 714.45M | 595.80M | 724.11M |
| Capital Expenditures | -753.45M | -830.91M | -901.26M | -824.86M | -382.18M | -278.43M |
| Sale of Property, Plant & Equipment | 324.89M | 7.50M | 31.68M | |||
| Cash Acquisitions | 31.38M | -23.05M | ||||
| Divestitures | 45.00M | |||||
| Investment in Securities | -50.11M | -52.66M | 139.10M | -39.66M | -15.89M | -29.83M |
| Other Investing Activities | -1.58M | -9.17M | -8.64M | -12.20M | -12.66M | -9.70M |
| Investing Cash Flow | -480.25M | -892.74M | -763.30M | -845.34M | -388.78M | -286.28M |
| Short-Term Debt Issued | 5.31M | |||||
| Long-Term Debt Issued | 663.25M | 453.53M | 150.00M | |||
| Total Debt Issued | 230.03M | 663.25M | 453.53M | 150.00M | 5.31M | |
| Long-Term Debt Repaid | -486.08M | -217.57M | -19.49M | -26.42M | -32.69M | |
| Lease Payments | -22.80M | -22.08M | -6.53M | -6.19M | ||
| Net Debt Issued (Repaid) | -27.61M | 177.16M | 235.96M | 130.51M | -26.42M | -27.37M |
| Issuance of Common Stock | 111.92M | 80.00M | 13.20M | 12.85M | 14.28M | 6.43M |
| Repurchase of Common Stock | -181.75M | -9.85M | ||||
| Common Dividends Paid | -104.19M | -103.44M | -184.63M | -186.72M | -170.63M | -168.37M |
| Other Financing Activities | -227.10M | -85.23M | -133.59M | -149.15M | -28.51M | -44.92M |
| Financing Cash Flow | -428.74M | 58.65M | -69.07M | -192.51M | -211.28M | -234.23M |
| Foreign Exchange Rate Adjustments | -38.31M | -18.29M | -15.15M | -21.66M | -16.78M | -10.29M |
| Net Cash Flow | -24.61M | 43.45M | 30.08M | -345.05M | -21.05M | 193.31M |
| Free Cash Flow | 169.24M | 64.93M | -23.66M | -110.41M | 213.62M | 445.68M |
| Free Cash Flow Margin | 4.47% | 2.12% | -1.24% | -5.71% | 12.33% | 25.29% |
| Free Cash Flow Per Share | 0.11 | 0.04 | -0.02 | -0.09 | 0.20 | 0.42 |
| Levered Free Cash Flow | 298.27M | 596.06M | 253.34M | -48.46M | 363.84M | 425.44M |
| Unlevered Free Cash Flow | 336.34M | 619.62M | 275.12M | -39.76M | 370.62M | 432.82M |
| Free Cash Flow After Leases | 146.44M | 42.85M | -30.19M | -116.59M | 213.62M | 445.68M |
| Cash Interest Paid | 24.11M | 18.45M | 11.65M | 4.58M | 4.46M | 6.23M |
| Cash Income Tax Paid | 625.00M | 502.00M | 360.00M | 239.00M | 239.00M | 324.00M |
| Change in Working Capital | 46.87M | -44.62M | -282.78M | -127.42M | -116.08M | -105.92M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 6.07B | 6.02B | 3.21B | 4.13B | 3.82B | 4.15B |
| Enterprise Value | 6.27B | 6.33B | 3.17B | 3.97B | 3.41B | 3.78B |
| Last Close Price | 4.60 | 4.45 | 2.36 | 2.88 | 3.10 | 3.27 |
| PE Ratio | 8.07 | 14.98 | 408.63 | 15.10 | 9.89 | |
| PS Ratio | 1.60 | 1.97 | 1.69 | 2.13 | 2.20 | 2.36 |
| PB Ratio | 1.52 | 1.65 | 1.06 | 1.05 | 1.23 | 1.40 |
| P/TBV Ratio | 1.53 | 1.68 | 1.08 | 1.08 | 1.27 | 1.45 |
| P/FCF Ratio | 35.87 | 92.75 | 17.88 | 9.32 | ||
| P/OCF Ratio | 6.58 | 6.72 | 3.66 | 5.78 | 6.41 | 5.74 |
| EV/Sales Ratio | 1.66 | 2.07 | 1.67 | 2.05 | 1.97 | 2.14 |
| EV/EBITDA Ratio | 3.02 | 4.06 | 3.39 | 4.57 | 3.72 | 3.47 |
| EV/EBIT Ratio | 4.02 | 5.59 | 8.76 | 6.53 | 5.32 | |
| EV/FCF Ratio | 37.06 | 97.57 | 15.98 | 8.47 | ||
| Debt / Equity Ratio | 0.11 | 0.16 | 0.14 | 0.05 | 0.02 | 0.03 |
| Debt / EBITDA Ratio | 0.22 | 0.38 | 0.46 | 0.22 | 0.06 | 0.07 |
| Debt / FCF Ratio | 2.69 | 9.21 | 0.27 | 0.17 | ||
| Net Debt / Equity Ratio | 0.04 | 0.06 | 0.03 | -0.03 | -0.19 | -0.20 |
| Net Debt / EBITDA Ratio | 0.08 | 0.14 | 0.10 | -0.13 | -0.65 | -0.55 |
| Net Debt / FCF Ratio | 0.98 | 3.28 | -3.78 | 1.04 | -2.78 | -1.34 |
| Asset Turnover | 0.69 | 0.57 | 0.39 | 0.45 | 0.48 | 0.51 |
| Inventory Turnover | 2.22 | 1.97 | 2.01 | 2.22 | 2.46 | 2.41 |
| Quick Ratio | 0.50 | 0.44 | 0.69 | 1.10 | 2.92 | 3.19 |
| Current Ratio | 1.58 | 1.06 | 1.55 | 2.27 | 4.43 | 4.53 |
| Return on Equity (ROE) | 22.63% | 12.78% | -18.04% | 1.19% | 9.44% | 16.39% |
| Return on Assets (ROA) | 17.62% | 13.23% | -3.15% | 6.62% | 9.03% | 12.81% |
| Return on Invested Capital (ROIC) | 19.33% | 14.17% | -7.05% | 1.86% | 11.58% | 19.35% |
| Return on Capital Employed (ROCE) | 30.90% | 23.50% | -5.80% | 9.90% | 15.20% | 21.30% |
| Earnings Yield | 12.39% | 6.67% | -19.61% | 0.24% | 6.62% | 10.11% |
| FCF Yield | 2.79% | 1.08% | -0.74% | -2.68% | 5.59% | 10.73% |
| Dividend Yield | 1.74% | 1.78% | 6.57% | 5.05% | 4.50% | 4.07% |
| Payout Ratio | 14.04% | 25.74% | 1,849.30% | 67.48% | 40.08% | |
| Buyback Yield / Dilution | -13.32% | -13.14% | -5.77% | -15.54% | -0.89% | -0.50% |
| Total Shareholder Return | -11.58% | -11.36% | 0.79% | -10.49% | 3.61% | 3.57% |